Commercial
South Florida
The Weekly Dirt: South Florida's (limited) construction loan rush
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Pérez family’s Related, partners score $400M construction loan for Six Fisher Island
Madison Realty Capital providing financing for planned 50-unit luxury condo project
The Related Group and its partners secured a $400 million construction loan for the Residences at Six Fisher Island, an ultra luxury condominium project.
The financing adds to more than $2 billion in condo construction loans that have closed over the past year in South Florida.
Miami-based Related, billionaire Teddy Sagi, the Toledanos’ Aventura-based BH Group and Chicago-based Wanxiang America partnered on the 10-story, 50-unit building that’s under construction. New York-based Madison Realty Capital provided the financing, according to a press release. The project is expected to be completed in 2026.
Like a number of other planned condo developments in South Florida, Related has secured strong presales, making it a less risky bet for lenders. Six Fisher Island has more than $500 million in presales since sales launched in 2022, and remaining units are asking more than $4,000 per square foot, according to the release. Two penthouses are in contract to separate buyers for $150 million, The Real Deal previously reported.
Asking prices averaged $30 million and penthouses started at double that when sales launched about two years ago. Douglas Elliman is leading sales and marketing. Units average more than 4,800 square feet.
A Berkadia team that includes Scott Wadler and Michael Basinski arranged the financing.
Related is among several developers that have secured large construction loans in recent months.
In March, Related Group and its partner, GTIS Partners, scored $328 million in construction financing for their planned Baccarat Residences condo tower in Miami’s Brickell neighborhood. Bank OZK provided that floating rate loan.
In February, Mast Capital secured roughly $600 million in construction financing for its planned Cipriani Residences condo tower, also in Brickell. Banco Inbursa provided $350 million and Ascendant Capital Partners provided $250 million.
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